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Kotak Life Insurance

Kotak Life Insurance is one of the most renowned insurers in India that offers a range of comprehensive life insurance plans to provide a safety net for your family. These life insurance plans, including term insurance and savings plans, ensure that the future of your loved ones is secured against life's uncertainties. Let’s learn more about Kotak Life Insurance, its benefits and the various plans offered that they offer.

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What Is Kotak Life Insurance?

Kotak Life Insurance offers various insurance products, such as protection plans (term plans), savings and retirement plans to help customers and their families stay financially protected in the long run. With a Claim Settlement Ratio (CSR) of 98.80% in the financial year 2022-23, Kotak Mahindra Life Insurance is one of the top and most trusted insurers in the country.

Key Highlights Of Kotak Life Insurance

Company Website www[dot]kotaklife[dot]com
Year of Establishment 2001
Head Quartered Mumbai
MD & CEO Mr. Mahesh Balasubramanian
Parent Organization Kotak Mahindra Bank

Kotak Mahindra Group is a reputed banking and financial services organization in India. It offers an extensive range of financial products to meet both corporate and individual investment needs.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why Buy Kotak Life Insurance Plan?

Here are following reasons that you should buy Kotak Mahindra Life Insurance plan:

  • Financial Security for family: Kotak Life Insurance offers life insurance plans for financial security. In case of an unfortunate event, the payout helps your family maintain their lifestyle, cover expenses, and achieve long-term goals like education and retirement.

  • Comprehensive Coverage Options: Kotak Life Insurance provides a diverse range of insurance products for different life stages and needs. Whether you seek pure protection, wealth creation, or comprehensive coverage, their varied portfolio ensures you can find a plan that aligns with your financial goals.

  • Guaranteed Returns: Kotak Life Insurance, especially Savings and Retirement plans, guarantees returns upon maturity. As you pay premiums, your savings accumulate, and at maturity, you can opt for a lump sum or regular income.

  • Affordable Premiums: Kotak Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums, so that you can financially secure your family and dependents without any hassle. 

  • Tax Benefits: Choosing Kotak Life Insurance plans offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Secure your financial future with added tax advantages, making it a smart choice for your insurance needs.

*Note: Use term insurance calculator to easily calculate the premium amount of your chosen term plan.

What Are The Various Life Insurance Policies Offered By Kotak Life Insurance?

The various types of life insurance policies offered by Kotak Life Insurance are as follows:

  • Term Insurance Plans

  • Savings Plans

  • ULIP Plans

  • Retirement Plans

one crore term plan

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Term Plan Starting @ ₹449/month+

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Kotak Term Insurance Plans

Kotak Term Insurance plans are pure risk cover plans, which provide high insurance coverage to the family of the insured at a nominal premium rate.

Term Plan Entry Age Maturity Age Sum Assured
Kotak e-Term Plan 18 to 65 years 85 years Rs. 51 Lakhs to No Limit
Kotak Term Plan 18 to 65 years 70 years Rs. 3 Lakhs to Rs. 25 Lakhs
Kotak Saral Jeevan Bima Plan 18 to 65 years 70 years Rs. 5 Lakhs to Rs. 25 Lakhs
Kotak Protect India Plan 18 to 35 years 40 years Rs. 1 Lakh to 25 Lakhs
Kotak TULIP 18 to 60 years 100 years Min: 7 times the Annual Premium
Max: No Limit
  1. Kotak e-Term Plan

    Here are the key features of this plan:

    • Choose from 3 plan options

    • Select from 3 payout alternatives

    • Enhanced protection against Accidental Death, Critical Illness, and Total Permanent Disability

    • Special rates for Non-Tobacco Users and Women

    • Option to exit the plan at age 60 years

  2. Kotak Term Plan

    Here are the key features of this plan:

    • Reduced premium rates for women.

    • Convert Kotak Term Plan to another Kotak Plan (excluding term plans) with at least 5 years remaining.

    • Choose from flexible premium options, i.e. single and regular pay, with flexible frequencies.

    • Rider benefits include Accidental Death, Permanent Disability, and Critical Illness.

    • Premium options available are single and regular payment options

  3. Kotak Saral Jeevan Bima Plan

    Here are the key features of this plan

    • Coverage up to age 70 (except for POSPs/CPSC Channel, coverage till 65)

    • Special Rates for female lives

    • Tax benefits subject to conditions under the Income-tax Act, 1961.

  4. Kotak Protect India Plan

    Here are the key features of this plan:

    • Comprehensive Coverage: 100% of Sum Assured on Death payable in the event of the Life Assured’s death during the policy term.

    • Flexibility to Add Life Cover as per your need.

    • 2 Optional Benefits to choose from.

    • Short & Hassle-Free Buy Process for Instant Issuance.

    • Sachet Life Cover at an Affordable Price.

  5. Kotak TULIP

    Here are the key features of this plan:

    • A combination of Term and ULIP Plans with high sum assured options.

    • 2X Return of Premium Allocation Charges from the 10th policy year onwards.

    • Up to 3X Return of Mortality Charges on survival from the 11th policy year onwards.

    • Loyalty additions to enhance maturity value on policy maturity.

    • Flexible premium payment options: limited duration or throughout policy term.

    • Rider options to enhance protection.

    • Multiple investment strategies to choose from.

Kotak Savings Plans

Kotak life insurance offers an extensive range of investment and savings plans that helps the customer to accumulate wealth in the long-term and also provides an opportunity to create a financial cushion for the family. Here are the savings and investment plans offered by Kotak Life Insurance:

Term Plan Entry Age Maturity Age Sum Assured
Kotak Guaranteed Fortune Builder Plan 18 to 60 years 75 years
Kotak Assured Savings Plan 3 to 60 years 75 years Rs. 1,57,806 to Rs. 25 Lakhs
Kotak Guaranteed Savings Plan 3 to 60 years 75 years
  1. Kotak Guaranteed Fortune Builder

    Here are the key features of this plan:

    • Guaranteed Benefit with multiple plan options to suit your varied needs.

    • Life cover for financial security for your family.

    • Option to avail Guaranteed Income for your short term and long term goals.

    • Guaranteed lump sum benefit with flexible liquidity option.

    • Option to secure your child’s future with guaranteed payouts and in-built waiver of premium benefit.

    • Flexibility to secure life cover for your spouse under the same plan.

    • In-built Value Added Services for the wellbeing of your health.

  2. Kotak Assured Savings Builder

    Here are the key features of this plan:

    • Guaranteed Maturity Benefit at maturity:

      • Basic Sum Assured, PLUS

      • Accrued Guaranteed Yearly Additions, PLUS

      • Guaranteed Loyalty Addition

    • Increasing life cover with Guaranteed Yearly Additions, payable at maturity or earlier death.

    • Longer premium commitment means higher benefits, with additions increasing based on premium payment term (PPT).

    • More value through a high premium benefit, resulting in a higher Basic Sum Assured.

    • Option to enhance protection with various Riders.

    • Tax benefit on premiums under section 80(C) and benefit received under section 10(10D).

  3. Kotak Guaranteed Savings Plan

    Here are the key features of this plan:

    • Limited premium payment options available

    • After premium payment term, Guaranteed Additions accrue for the remaining term

    • Lump sum Guaranteed Loyalty Addition at the end of the policy term

    • Enhanced protection through optional riders

Kotak ULIP Plans

Kotak Life Insurance provides the customers a wide range of ULIP options to choose from. Here are some of them:

Term Plan Entry Age Maturity Age Sum Assured
Kotak E-Invest Plan 3 to 60 years 99 years 10 times the Annualized Premium
Kotak Invest Maxima Plan 0 to 65 years 75 years Min:
Age <45 years: Higher of (10 X AP) or (0.5 X Policy Term X AP)
Age >=45 years: Higher of (7 X AP) or (0.25 X Policy Term X AP)
Max: 25 x AP
*AP: Annualized Premium *SP: Single Premium
  1. Kotak E-Invest Plan

    Here are the key features of this plan:

    • 100% allocation of your premiums.

    • Yearly Additions from the 6th policy year onwards until maturity or death.

    • 25% to 200% of Life Cover charges added to your fund value.

    • Rising Star option: Triple Protection Benefit on parent’s death (lump sum payout, monthly income, policy continuation).

    • RetireRich option covers you until age 99.

    • Retirement Income with Income Booster for post-retirement expenses.

    • Flexibility to choose from two Investment Strategies.

    • Additional protection through optional riders.

  2. Kotak Invest Maxima Plan

    Here are the key features of this plan:

    • No premium allocation charge in this plan

    • Survival Units: Paid up to 2% of Fund Value from the 10th year and every 5th year thereafter

    • Choose from two portfolio strategies: Systematic Switching Strategy, Self Managed

    • Flexible premium payment options: Regular, Limited, and Single Premium

Kotak Guaranteed Wealth Builder Plans

Term Plan Entry Age Maturity Age Sum Assured
Kotak Guaranteed Fortune Builder Plan 18 to 60 years 75 years
Kotak Assured Savings Plan 3 to 60 years 75 years Rs. 1,57,806 to Rs. 25 Lakhs
  1. Kotak Guaranteed Fortune Builder

    Here are the key features of this plan:

    • Guaranteed Benefit with multiple plan options to suit your varied needs.

    • Life cover for financial security for your family.

    • Option to avail Guaranteed Income for your short term and long term goals.

    • Guaranteed lump sum benefit with flexible liquidity option.

    • Option to secure your child’s future with guaranteed payouts and in-built waiver of premium benefit.

    • Flexibility to secure life cover for your spouse under the same plan.

    • In-built Value Added Services for the wellbeing of your health.

  2. Kotak Assured Savings Builder

    Here are the key features of this plan:

    • Guaranteed Maturity Benefit at maturity:

      • Basic Sum Assured, PLUS

      • Accrued Guaranteed Yearly Additions, PLUS

      • Guaranteed Loyalty Addition

    • Increasing life cover with Guaranteed Yearly Additions, payable at maturity or earlier death.

    • Longer premium commitment means higher benefits, with additions increasing based on premium payment term (PPT).

    • More value through a high premium benefit, resulting in a higher Basic Sum Assured.

    • Option to enhance protection with various Riders.

    • Tax benefit on premiums under section 80(C) and benefit received under section 10(10D).

Kotak Retirement Plans

Kotak Life Insurance Retirement Plan is specifically designed to secure the financial future of the individual after retirement. The retirement plans offered by Kotak Mahindra Life Insurance helps to accumulate funds in the long-term so that one can enjoy the golden days of retirement and can have a regular flow of income after retirement. The retirement plans offered by Kotak Mahindra Life Insurance are:

Term Plan Entry Age Maturity Age Sum Assured
Kotak Life Time Income Plan 18 to 99 years
Kotak Assured Pension Plan 18 to 85 years
Kotak Premier Pension Plan 30 to 60 years Vesting age: Min – 45 years Max – 70 years
Kotak Saral Pension Plan 40 to 80 years
  1. Kotak Life Time Income Plan

    Here are the key features of this plan:

    • 6 annuity options available to choose from

    • Issued annuity rates guaranteed for a lifetime

    • Higher Annuity Rates for Higher Premium

  2. Kotak Assured Pension Plan

    Here are the key features of this plan:

    Immediate Annuity:

    • 8 Annuity options to choose from

    • Flexibility for additional annuity payout through Top Up

    • Guaranteed annuity rates for lifetime

    • Higher annuity rates for higher premium

    Deferred Annuity:

    • 2 Annuity options to choose from

    • Flexibility to choose Deferment Period between 1 – 10 years based on your need

    • Guaranteed Additions during the Deferment Period

    • Lump-sum amount on death of Annuitant or Surviving Annuitant during or after Deferment Period

    • Flexibility in premium payment duration based on annuity option

    • Guaranteed annuity rates for lifetime

    • Higher annuity rates for higher premium

  3. Kotak Premier Pension Plan

    Here are the key features of this plan:

    • Guaranteed Additions: fixed percentage of Basic Sum Assured in first 5 policy years

    • Earn bonus from 6th policy year onwards

    • Assured Benefit: 105% of Total Premiums paid on Death or Vesting

    • Additional Protection through optional riders

  4. Kotak Saral Pension Plan

    Here are the key features of this plan:

    • Invest in:

      • Life Annuity with Return of 100% of Purchase Price, or

      • Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of last survivor

    • Guaranteed annuity rates for lifetime

    • Option to surrender policy on diagnosis of critical illnesses

How To Buy Kotak Life Insurance From Policybazaar?

Here are the steps to buy Kotak Mahindra Life Insurance from Policybazaar:

Step 1: Visit the official Policybazaar website and go to the Term Insurance section.

Step 2: Provide your name, contact details, gender, and date of birth.

Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.

Step 4: Choose Kotak Term Insurance plan from the list of term insurance plans that appear.

Step 5: Pay using your preferred mode to complete the process.

*Note: It is important to firstly know what is term insurance and then buy Kotak Mahindra Life Insurance online.

What Are The Riders Available In Kotak Life Insurance?

Here are the riders available in Kotak Life Insurance:

  1. Kotak Accidental Death Benefit Rider

    This accidental death benefit rider provides an additional amount to the nominee if the insured dies in an accident during the rider term. It adds to the sum assured of the basic insurance cover, offering more comprehensive protection. The nominee receives this extra benefit over and above the sum assured in the event of accidental death.

  2. Kotak Accidental Death Benefit Rider to Enhance Sum Assured

    This rider enhances the existing insurance policy by increasing the sum assured. It ensures complete protection until the end of the base plan term. The rider sum is paid to the nominee if the insured dies due to an accident.

  3. Kotak Accidental Death Benefit Rider for Financial Assistance in Case of Permanent Disability

    This rider offers financial support to the insured and their family in case of total or permanent disability from an accident. The insurer pays a percentage of the rider sum assured over five years, providing essential financial assistance during tough times.

  4. Kotak Critical Illness Plus Rider

    This critical illness rider offers financial protection if the insured is diagnosed with a critical illness specified in the policy. It covers major illnesses such as cancer, heart diseases, kidney failure, and key organ transplants. This ensures the insured has financial support during serious health issues, reducing the financial burden on the family.

How To Contact Kotak Life Insurance Customer Care?

You can contact Kotak Life Insurance Customer Care using the below mentioned information:

Call
You can call in this toll free number 1800 209 8800 from 8 AM to 10 PM (Monday to Saturday)

WhatsApp
You can send “Hi” to 9321003007

What Are The Exclusions In Kotak Mahindra Life Insurance?

Here are the exclusions in the Kotak Life Insurance:

Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.

FAQs

  • Q: Why should I choose Kotak Mahindra Life Insurance?

    Ans: Kotak Life Insurance provides financial security, comprehensive coverage options, guaranteed returns, affordable premiums, and tax benefits.
  • Q: What is the policy cancellation process?

    Ans: Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proceedings, the refund will be credited directly into your bank account and the policy stands canceled. The company claims to settle it within 7 working days.
  • Q: Is there premium flexibility under the Kotak Term Plan Benefit Rider?

    Ans: Yes, Kotak Term benefit rider offers the flexibility to pay the premium in single pay, limited pay, or regular pay.
  • Q: How long has Kotak Life Insurance been in operation?

    Ans: Kotak Life Insurance was established in 2001 and has been providing insurance solutions for over two decades.
  • Q: What is Kotak Life Insurance?

    Ans: Kotak Life Insurance is a leading insurance company in India, offering a diverse range of insurance products such as life, savings, protection, wealth, and retirement plans. It ensures financial security for individuals and their families in the face of life's uncertainties.
  • Q: What happens if I miss a premium payment of Kotak Life Insurance?

    Ans: It's crucial to pay premiums of Kotak Life Insurance on time. Missing payments may lead to a grace period, but failure to pay within that period may result in policy lapses. It's advisable to check the policy terms and conditions for details on premium payments.
  • Q: What are the exclusions in Kotak Mahindra Life Insurance?

    Ans: Kotak Mahindra Life Insurance has specific exclusions, including suicide. If the policyholder commits suicide within 12 months of policy inception, nominees will not be eligible for the death benefit.
  • Q: What is the Kotak Accidental Death Benefit Rider?

    Ans: This rider provides an added death benefit if the insured dies in an accident during the rider term. It ensures the nominee receives an additional amount over and above the sum assured.
  • Q: How does the Kotak Accidental Death Benefit Rider enhance the sum assured?

    Ans: This rider increases the sum assured of the existing policy, offering complete protection until the end of the base plan term.
  • Q: How can I contact Kotak Life Insurance customer care?

    Ans: You can contact Kotak Life Insurance customer care by calling the toll-free number 1800 209 8800 from 8 AM to 10 PM, Monday to Saturday. You can also send a WhatsApp message saying “Hi” to 9321003007.
  • Q: What are the working hours for Kotak Life Insurance customer care?

    Ans: The customer care team is available from 8 AM to 10 PM, Monday to Saturday.
  • Q: How can I make Kotak Life Insurance online payment?

    Ans: You can make Kotak Life Insurance payments online by visiting the official website and using the online payment portal.
  • Q: What modes of payment are accepted for Kotak Life Insurance online payment?

    Ans: Kotak Life Insurance accepts various modes of online payments, including net banking, credit/debit cards, and UPI.
  • Q: How do I find a Kotak Life Insurance policy near me?

    Ans: You can locate a Kotak Life Insurance branch near you by visiting the official website and using the branch locator tool.
  • Q: What are the exclusions in Kotak Life Insurance policies?

    Ans: Exclusions include suicide within 12 months of policy inception, among other specific conditions detailed in the policy document.
  • Q: What is the Claim Settlement Ratio (CSR) of Kotak Life Insurance?

    Ans: The Claim Settlement Ratio (CSR) of Kotak Life Insurance for the financial year 2022-23 is 98.80%.
  • Q: How can I cancel my Kotak Life Insurance policy?

    Ans: To cancel your policy, submit the policy documents and a duly filled surrender form at any Kotak Life Insurance branch. The refund will be credited to your bank account within seven working days.


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Kotak Mahindra Life Insurance Reviews & Ratings

4.2 / 5 (Based on 152 Reviews)
(Showing Newest 10 reviews)
Jyoti
Mahabubnagar, May 06, 2021
Took early
I took the kotak life insurance plan at an age of 25 because the early I buy I would get benefits. My premium rate is also less as compared to others. Thanks.
Dinesh
Neori, May 05, 2021
Choose best
I choose the one of the best life insurance plan from the website of policybazaar and known as Kotak life insurance policy. That plan has done wonders for me and has been a financial support throughout.
Arpita
Muthur, May 04, 2021
Protective layer
My kotak life insurance plan has been a protective layer to me and my family. In terms of financial coverage as well as providing any help. I am thankful to team to suggest me such a good plan.
Mukesh
Sukruli, May 03, 2021
Flexible premium payment
It is flexible to pay the premium amount on timely basis. I pay the premium amount on annual time. The customer care team are responsive in nature and has helped me a lot in doing so.
Azhar
Bharuch, April 28, 2021
Tax benefits
It is an important thing to get the kotak life insurance policy from the policybazaar. I got the tax benefits under Section 80C of Income Tax Act and it is good source of getting the tax rebate on timely basis. Great work team.
Amit
Ukai, April 26, 2021
Additional riders
I have been offered a additional rider at very minimal price. That rider is useful in case if something happens to me. I took the life insurance plan of kotak life from Policybazaar.
Dinkar
Mandhana, April 23, 2021
Nominal premiums
The premium rates of my Kotak life insurance plan is superb and under my budget. I got this plan in the year 2017 and since then it is running well. I have got a good support from both the companies.
Abhay
Mansa, April 22, 2021
A good services
If I will be talking about kotak life insurance then it is one of the best company I came through. I bought the life insurance plan from the policybazaar site and has been happy since after. Such good company.
Aasha
Sindgi, April 16, 2021
Great insurer
The Kotak life insurance company is much better and I got y life insurance policy from them. I like the plans and it has been suitable to me and my family.
Rudra
Raghunathpur, April 15, 2021
Customer support
The customer support of kotak and policybazaar is good. I was facing some issue related to my kotak life insurance hard copy and it was resolved in few minutes. I did a lot of research when I bought the kotak life insurance policy. Great work team.
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